BREWER ROSALIND G 4

What Happened

• Rosalind G. Brewer, a director of United Airlines Holdings, Inc. (UAL), was granted 2,130 share units on 2026-05-20 as part of her 2026 annual director equity award. The units were reported as a derivative award (transaction code A) with an acquisition price of $0.00.

Key Details

• Transaction date: 2026-05-20; filing date: 2026-05-22 (Form 4 accession 0000100517-26-000109).
• Award size: 2,130 share units; reported acquisition price: $0.00 (derivative grant).
• Shares owned after the transaction: not disclosed in the filing.
• Footnote highlights:
  • Each unit equals the economic equivalent of one share; on settlement 50% is paid in cash (based on the average high/low stock price at settlement) and 50% in shares, with fractional units paid in cash (F1).
  • Brewer elected to defer 50% of her 2026 director award into a deferred share account under the Director Equity Incentive Plan (DEIP); those deferred units will be settled after separation from service (F2).
  • Additional share units will accrue when dividends are paid (dividend equivalents are converted into units based on stock price) (F3).
• Nature of transaction: an equity award to a director (not an open-market purchase or sale).

Context

• These are restricted/phantom-style share units (derivative awards) rather than an outright stock purchase or sale. They do not represent immediate cash proceeds or a sale of stock and are commonly used for director compensation. The DEIP deferral and dividend-equivalent accruals affect timing and composition (cash vs. stock) of eventual settlement.